COSCO Pacific Ltd said it has completed the acquisition of a 20 pct stake in Suez Canal Container Terminal (SCCT) from Egyptian International Container Terminal S.A, a unit of A.P. Moller-Maersk. The share transfer was completed on October 30, it said.
The company did not disclose the cost of the acquisition, but noted that total investment in phases one and two of SCCT amounts to 730 mln hkd.
SCCT manages and operates a container terminal at phase I of East Port Said port in Egypt located at the northern entrance of Suez Canal.
The terminal's phase I has four deep water berths capable of handling 2.55 mln twenty-foot equivalent container units (TEUs) per annum, COSCO Pacific said, adding that further expansion at phase II of the port will double its handling capacity to 5.10 mln TEUs per annum.
The company said the investment in SCCT will further strengthen its terminal portfolio in the Mediterranean region and enable it to provide comprehensive terminal services to its customers.
The company did not disclose the cost of the acquisition, but noted that total investment in phases one and two of SCCT amounts to 730 mln hkd.
SCCT manages and operates a container terminal at phase I of East Port Said port in Egypt located at the northern entrance of Suez Canal.
The terminal's phase I has four deep water berths capable of handling 2.55 mln twenty-foot equivalent container units (TEUs) per annum, COSCO Pacific said, adding that further expansion at phase II of the port will double its handling capacity to 5.10 mln TEUs per annum.
The company said the investment in SCCT will further strengthen its terminal portfolio in the Mediterranean region and enable it to provide comprehensive terminal services to its customers.